MORGAN STANLEY: ".. the decline in the ratio of our cash proxy to S&P 500 free float suggests cash has not kept pace with the growth in floa

MORGAN STANLEY: ".. the decline in the ratio of our cash proxy to S&P 500 free float suggests cash has not kept pace with the growth in float-adjusted S&P 500 market capitalization. Said another way, equity valuations have grown much faster than cash in the financial system." [Tobias] CQ Cnbc